- The new era in Cosmos.
- Markets: Crypto climbs while currencies implode.
- The next episode of “Where in the world is Do Kwon?”
- The Helium network failure.
Good morning Banter Fam,
The Cosmos ecosystem is home to nearly 40 various interchains and is well positioned to grow substantially in the next year. Still, the central chain – Cosmos Hub – and its ATOM token serve a minimal role.
In the face of this identity crisis, its latest update is about to change all that.
The Cosmos team released a new white paper during its Cosmoverse Conference in Medellín, Columbia, which updates the utility of Comos Hub and ATOM. Until now, the ATOM token encompassed little utility other than speculation.
The new white paper and the subsequent update will pivot the Cosmos Hub into a blockchain security role, where any interchain on the network can lean on Cosmos’ abundance of validators to increase security on their native interchain, minimizing their security efforts. Their Medium article presents the new security updates, dubbed Interchain Security.
Moreover, the Cosmos devs look to upgrade an outdated validator staking model to include liquid staking, increasing liquidity on all the interchains and improving incentives to own ATOM. Ultimately the incentives will likely increase demand for ATOM. Did I mention there’s an upgrade issuance model too?
Need a guide to the Cosmos 2.0 ecosystem? @defi_naly provides the ultimate guide below on Twitter:
Market update 🌍
Satoshi’s orange invention shows strength today amid the world’s currency wars. Could the markets enter an unprecedented era where holding the dollar becomes detrimental to local economies? It’s a possibility and a subject we will continue to explore over the coming months. Despite US equities continuing to struggle, BTC climbed +2.24% to $19,227 yesterday and looks primed for another leg up after climbing another +2.85% in today’s opening hours.
The price of the ATOM token has reached a significant inflection point of intersecting trendlines at the dawn of the ecosystem’s major updates. These types of price action events often result in explosive breakouts or downturns as price begins to consolidate before a major move. Watch for a decisive breakout with high volume to confirm this pattern.
|US markets close||Gain/Loss|
Notable Gainers (24h):
|Protocol (Coin)||Price ($)||Gain (%)|
|Terra Luna Classic (LUNC)||0.00030||+52|
|Ethereum Name Ser. (ENS)||15.55||+12|
|Bitcoin Fear and Greed Index||20 Extreme Fear|
|“Crypto” Google Trends 90d||57|
|“Bitcoin” Google Trends 90d||51|
Helium is anything but a proclaimed “People’s Network.” According to an article by Forbes, Duke professor Lee Reiners discovered that 70% of HNT tokens went to Helium insiders while the community received only 30%. Insiders mined a quarter of all HNT within six months, and current network participants are earning minimal rewards.
Where in the world is Do Kwon? After failing to locate Do Kwon in Singapore, Interpol has issued a “Red Notice” to locate and arrest fugitive Do Kwon to worldwide enforcement agencies. Do Kwon took to Twitter to claim, “Yeah as I said I’m making zero effort to hide.”
Binance implements Terra Classic (LUNC) burn mechanism. The crypto exchange conglomerate, Binance, has enacted a LUNC trading fee burn mechanism. As a result, LUNC is up 49% a day after the announcement.
- New York state regulators announce enforcement actions against Nexo.
- Aragon Network is holding votes for a shift in its DAO structure.
- Australia CBDC pilot to see completion in 2023.
- ECB explores the use of distributed ledger technology for interbank settlements.
NFT & metaverse update 🐵
- Apple now allows NFT-selling apps in its App Store, along with 30% transaction fees.
- Walmart launches Metaverse experiences in Roblox. Welcome to Walmart Land.
Would you look at that?
Another day that crypto shrugs off the stock market woes. But why?
The rapid rise of the dollar is plummeting the value of currencies around the globe, including the Euro, Japanese Yen, and now the British Pound. So while the US conducts aggressive monetary policies to battle inflation, other countries are feeling the heat in their local currency.
Could it be that citizens are beginning to search for an outlet?
Either way, the narrative is powerful and, if the pattern continues, could carve a significant role for Bitcoin in a troubling world economy whose unchecked money printing has placed many countries in quite the jam.
Follow me on Twitter for daily updates!
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All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.